所得税税率下降为何促进了企业捐赠？——基于企业捐赠能力的实证研究

摘要/Abstract

摘要： 在发挥好第三次分配作用、推动实现共同富裕的背景下，如何激励企业捐赠已成为广泛关注的问题。本研究借助2008年新颁布的《企业所得税法》作为准自然实验，通过观察企业适用的名义所得税税率变化，将企业划分为“税率不变”（对照组）与“税率下降”（实验组）两类，运用强度双重差分法实证研究了所得税税率降低对企业捐赠的影响。研究发现，所得税税率下降显著促进了企业捐赠。本文认为，降低所得税税率有助于增强现金流、提高净利润并缓解融资约束，从而使企业拥有更宽松的经济资源来增加捐赠，本结论在经过平行趋势检验及一系列稳健性检验后依然成立。异质性分析结果表明，从捐赠动机来看，所得税税率下降显著增加了企业的市场化捐赠，企业捐赠具有管理层自利动机、政治关联动机；从市场竞争的角度来看，所得税税率下降对市场化程度较低、行业垄断程度较低和媒体关注度较高的企业捐赠促进作用更为显著。根据实证结论，本文提出了相应的政策建议。

关键词: 所得税税率, 经济资源水平, 企业捐赠, 捐赠能力

Abstract: In the context of promoting common prosperity and tertiary distribution, how to incentivize corporate donations has become a matter of widespread concern. This study utilizes the newly enacted Corporate Income Tax Law of 2008 as a quasi-natural experiment. By observing changes in the nominal corporate income tax rates applicable to firms, we categorize companies into two groups: the “unchanged tax rate” group (control group) and the “decreased tax rate” group (treatment group). Employing the intensity difference-in-differences method, we empirically examine the impact of corporate income tax rate reductions on corporate donations. The findings reveal that lower corporate income tax rates significantly promote corporate donations. We argue that reducing corporate income tax rates helps enhance cash flow, increase net profits, and alleviate financing constraints, thereby enabling enterprises to possess more relaxed economic resources to increase donations. This conclusion remains robust after parallel trend tests and a series of robustness checks. Heterogeneity analysis shows that from the perspective of donation motivations, corporate income tax rate reductions significantly increase market-oriented donations by enterprises, with corporate donations exhibiting managerial self-interest motives and political connection motives. From the perspective of market competition, corporate income tax rate reductions have a more significant promoting effect on donations by enterprises with lower marketization levels, lower industry monopoly degrees, and higher media attention. Based on the empirical findings, this paper proposes corresponding policy recommendations.

Key words: corporate income tax rate, economic resource level, corporate donations, donation capacity

刘晔, 苏才立, 陆毅. 所得税税率下降为何促进了企业捐赠？——基于企业捐赠能力的实证研究[J]. 管理评论, 2026, 38(10): 12-22.

Liu Ye, Su Caili, Lu Yi. Why does Lower Corporate Income Tax Rate Promote Corporate Donations?—An Empirical Study Based on Corporate Donation Capacity[J]. Management Review, 2026, 38(10): 12-22.

参考文献

[1] Saiia D. H. Philanthropy and Corporate Citizenship: Strategic Philanthropy Is Good Corporate Citizenship[J]. Journal of Corporate Citizenship, 2001,(2):57-74
[2] Campbell D., Moore G., Metzger M. Corporate Philanthropy in the U.K. 1985—2000 Some Empirical Findings[J]. Journal of Business Ethics, 2002,39（1）:29-41
[3] Carroll A. B., Shabana K. M. The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice[J]. International Journal of Management Reviews, 2010,12(1):85-105
[4] Brammer S., Millington A. Corporate Reputation and Philanthropy: An Empirical Analysis[J]. Journal of Business Ethics, 2005,61（1）:29-44
[5] He Y., Tian Z. Government-oriented Corporate Public Relation Strategies in Transitional China[J]. Management and Organization Review, 2008,4(3):367-391
[6] Zhang R., Zhu J., Yue H., et al. Corporate Philanthropic Giving, Advertising Intensity, and Industry Competition Level[J]. Journal of Business Ethics, 2010,94（1）:39-52
[7] Zhang J., Marquis C., Qiao K. Do Political Connections Buffer Firms from or Bind Firms to the Government? A Study of Corporate Charitable Donations of Chinese Firms[J]. Organization Science, 2016,27(5):1307-1324
[8] 戴亦一,潘越,冯舒. 中国企业的慈善捐赠是一种“政治献金”吗?——来自市委书记更替的证据[J]. 经济研究, 2014,49(2):74-86 Dai Y. Y., Pan Y., Feng S. Are Chinese Enterprises’ Charitable Donations “Political Contributions”?—Evidence from the Replacements of the Municipal Party Secretaries[J]. Economic Research Journal, 2014,49(2):74-86
[9] 杜勇,鄢波,张欢,等. 慈善捐赠、政府补助与扭亏绩效——基于中国亏损上市公司的经验证据[J]. 经济科学, 2015,(4):81-94 Du Y., Yan B., Zhang H., et al. Charitable Donations, Government Subsidies and Turnaround Performance: Empirical Evidence Based on Loss-making Listed Companies in China[J]. Economic Science, 2015,(4):81-94
[10] 王鹏程,李建标. 谁回报了民营企业的捐赠?——从融资约束看民营企业“穷济天下”的行为[J]. 经济管理, 2015,37(2):41-52 Wang P. C., Li J. B. Who do Repay for Donation of Private Enterprises?—Research on the Donation Behavior of Poor Private Enterprises from the Perspective of Financial Constraints[J]. Business and Management Journal, 2015,37(2):41-52
[11] 杜兰英,王硕,余宜珂. 我国税收优惠政策对民营企业公益性捐赠的激励效用初探——基于资源依赖理论和社会交换理论的博弈分析[J]. 税务研究, 2017,(6):85-88 Du L. Y., Wang S., Yu Y. K. A Preliminary Study on the Incentive Effect of My Country’s Tax Preferential Policies on Public Welfare Donations by Private Enterprises: A Game Analysis Based on Resource Dependence Theory and Social Exchange Theory[J]. Taxation Research, 2017,(6):85-88
[12] 王艺明,刘一鸣. 慈善捐赠、政治关联与私营企业融资行为[J]. 财政研究, 2018,(6):54-69 Wang Y. M., Liu Y. M. Charitable Donation, Political Connection and Financing Choices of Chinese Private-owned Enterprises[J]. Finance Research, 2018,(6):54-69
[13] 彭飞,范子英. 税收优惠、捐赠成本与企业捐赠[J]. 世界经济, 2016,39(7):144-167 Peng F., Fan Z. Y. Tax Incentives, Donation Costs and Enterprises’ Charitable Donations[J]. The Journal of World Economy, 2016,39(7):144-167
[14] 周波,张凯丽. 促进慈善捐赠的企业所得税政策探析[J]. 税务研究, 2020,(5):49-55 Zhou B., Zhang K. L. An Analysis on the Enterprise Income Tax Policies for Promoting Charitable Giving[J]. Taxation Research, 2020,(5):49-55
[15] 许评,申明珠. 所得税政策是否会影响企业慈善捐赠?——基于2011-2015年A股上市公司的实证研究[J]. 税务研究, 2017,(2):124-129 Xu P., Shen M. Z. Will Income Tax Policies Affect Corporate Charitable Donations?—An Empirical Study Based on A-share Listed Companies from 2011 to 2015[J]. Taxation Research, 2017,(2):124-129
[16] 谢露,邓英雯. 企业所得税改革与企业慈善捐赠——基于我国上市公司的经验证据[J]. 财政研究, 2016,(4):93-104 Xie L., Deng Y. W. Corporate Income Tax Reform and Corporate Philanthropic Donations—Based on the Empirical Evidences of Chinese Listed Companies[J]. Public Finance Research, 2016,(4):93-104
[17] 曲顺兰,武嘉盟. 慈善捐赠企业所得税政策效果评价[J]. 税务研究, 2017,(3):31-37 Qu S. L., Wu J. M. An Evaluation on the Incentive Effects of Corporate Income Tax Policy for Charitable Donation[J]. Taxation Research, 2017,(3):31-37
[18] 谢德仁,宋子威,刘劲松. 企业的捐赠水平与捐赠能力相关吗?——来自自由现金流量创造力视角的证据[J]. 管理评论, 2023,35(2):252-267 Xie D. R., Song Z. W., Liu J. S. Are Donation Amounts by a Firm Related to Its Donation Capacity?Evidence from Free Cash Flow Creativity[J]. Management Review, 2023,35(2):252-267
[19] Seifert B., Morris S. A., Bartkus B. R. Having, Giving, and Getting: Slack Resources, Corporate Philanthropy, and Firm Financial Performance[J]. Business & Society, 2004,43(2):135-161
[20] Chin M. K., Hambrick D. C., Treviño L. K. Political Ideologies of CEOs: The Influence of Executives’ Values on Corporate Social Responsibility[J]. Administrative Science Quarterly, 2013,58(2):197-232
[21] Kang C., Germann F., Grewal R. Washing Away Your Sins? Corporate Social Responsibility, Corporate Social Irresponsibility, and Firm Performance[J]. Journal of Marketing, 2016,80(2):59-79
[22] 王硕,杜兰英,余宜珂. 税收对企业自利性动机下慈善捐赠的影响分析[J]. 税务研究, 2019,(7):96-100 Wang S., Du L. Y., Yu Y. K. Analysis of the Impact of Taxation on Charitable Donations under Corporate Self-interest Motivation[J]. Taxation Research, 2019,(7):96-100
[23] 朱乃平,戴晨曦,张豆豆. 税收优惠政策与企业社会责任[J]. 税务研究, 2022,(3):133-138 Zhu N. P., Dai C. X., Zhang D. D. Tax Incentives and Corporate Social Responsibility[J]. Taxations Research, 2022,(3):133-138
[24] Carroll R., Joulfaian D. Taxes and Corporate Giving to Charity[J]. Public Finance Review, 2005,33(3):300-317
[25] Baker P. L., Dawson C. The Corporation Tax Elasticity of Charitable Donations[J]. Journal of Economic Behavior & Organization, 2020,178:1-14
[26] 徐莉萍,赵冠男,戴薇. 企业慈善捐赠下利益输送行为的实证研究——来自中国2009~2013年上市公司的经验数据[J]. 软科学, 2015,29(7):73-77 Xu L. P., Zhao G. N., Dai W. The Empirical Research on Profits Transfer Behaviors during Charity Donation of Corporation—Evidence from Empirical Data of Listed Companies from 2009 to 2013[J]. Soft Science, 2015,29(7):73-77
[27] Lev B., Petrovits C., Radhakrishnan S. Is Doing Good Good for You? How Corporate Charitable Contributions Enhance Revenue Growth[J]. Strategic Management Journal, 2010,31(2):182-200
[28] 张铄,宋增基. 国有股权对私有产权保护水平的影响研究[J]. 管理学报, 2016,13(12):1873-1881 Zhang S., Song Z. J. State-Owned Shares and Private Property Rights Protection: Evidence from Chinese Private Controlled Listed Corporations[J]. Chinese Journal of Management, 2016,13(12):1873-1881